Photo: Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Deutsche Bank Sells USD 1 Bn Shipping Loan Portfolio

Germany’s Deutsche Bank has agreed the sale of a USD 1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Värde Partners.

The bank said that the transaction is expected to close in early Q3 2018, subject to relevant regulatory approvals.

Deutsche Bank informed that it remains committed to the shipping business.

“Following this disposal and other derisking strategies we have implemented, the bank will be left with a performing and a run-off shipping book and can now focus on ship finance areas where it will continue to add value to clients, within defined risk parameters. Shipping continues to be important to the bank,” Deutsche Bank said.

The portfolio included both performing loans and distressed assets, Reuters said citing financial sources.

Deutsche Bank did not disclose the price agreed for the shipping loans portfolio.

Related news

List of related news articles